Western Union notes:The dollar firmed after its Monday fall but overall kept to its months long unpredictable pattern of trade. Profit taking kicked in Monday after the dollar's jobs-inspired surge on Friday. The dollar'…
The dollar firmed after its Monday fall but overall kept to its months long unpredictable pattern of trade. Profit taking kicked in Monday after the dollar's jobs-inspired surge on Friday. The dollar's generally overbought status leaves it prey to profit taking following big bursts of strength. The move to cash in on the dollar's rise was compounded by a report - later refuted - that the U.S. administration views a strong dollar as problematic.
Over the longer run, the dollar should fare buoyantly if the Fed is seen on a path to raise interest rates this year. Volatility though should remain the name of the game for the dollar over the short run until market confidence meaningfully brightens in the outlook for the U.S. economy.
The next major events on the radar for the dollar will be late week news on the U.S. consumer, and a two-day Fed meeting that gets under way a week from today.
Gold prices edged lower on Monday as stronger-than-expected U.S. nonfarm payrolls data dampened hopes for aggressive Federal Reserve rate cuts, bolstering the dollar. Spot gold slipped 0.1% to $2,686.32 an ounce, while F…
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